CandleFocus FTX Auditor Prager Metis to Pay $1.95 Million for Negligence
2024-09-18
Author: Content Editor
Accounting firm Prager Metis has agreed to pay $745,000 in civil penalties to settle misconduct allegations by the Securities and Exchange Commission (SEC) regarding its audits of collapsed crypto exchange FTX. The firm will also pay an additional $1.2 million for a separate regulatory investigation into auditor independence rule violations. The SEC accused Prager Metis of negligence-based fraud, stating that it falsely reported conducting audits in accordance with industry standards and failed to comply with its own procedures. The regulator also noted that the firm did not establish the connection between FTX and its sister hedge fund. FTX entered bankruptcy in November 2022 and its founder and former CEO, Sam Bankman-Fried, was convicted of fraud and conspiracy. Prager Metis's inadequate audits put investors at risk and contributed to their losses when the exchange collapsed.
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